-- Connecting the dots between our economy, government and business --
After 30 years in the Council, Burnett, who turns 62 next month, said he has maxed out on his city pension and plans to resign his 27th Ward seat — whether or not he gets the CHA job. He hopes that will pave the way for the mayor to appoint his 29-year-old son to fill his seat, continuing a time-honored tradition of Chicago politicians taking care of their kids.
Summary and audio linked here.
Chicago’s political leadership is floating a pension buyout program as evidence it is seriously addressing the city’s thirty-six-billion-dollar unfunded pension liability, but Mark Glennon, founder of the Illinois policy research organization Wirepoints, said that the proposal moves debt from one column to another rather than reducing it, and that the broader fiscal picture facing the city continues to deteriorate across every measurable dimension. Audio here.
Expect no retraction or apology. This what they do.
The state’s existing buyout program for its own pensions is the precedent for Chicago, which should be a warning: Look out for similar exaggerated claims and shoddy analysis.
Full interview and summary linked here.
SIGN UP HERE FOR OUR FREE WIREPOINTS DAILY NEWSLETTER
I must give credit to Mr. Burnett for serving this long and avoiding federal prison.
He must be very careful when he talks on the phone.
Hopefully he teaches sonny his secrets.
Typical “CHICAGO WAY .” Alderman retires because he has MAXED OUT HIS PENSION and wants his SON ANOINTED TO REPLACE HIM . Then the MAYOR is appointing him to another government position to START A NEW PENSION!!
Hey, they learned from the Strogers. At least Mr. Burnett is upright and breathing, unlike poor old John back in ’06.
Well, after all after 30 years he’s maxed out his pension, no point in continuing that…might as well start collecting the pension and get another high paying job so he can double dip on the tax payers dime. This dude has never had a real job. Amazing.
No wonder Chitcago is such a mess. There is a time-honored tradition of vacating a seat on the City Council and being able to have the Mayor assign the guys’ son to the job…WTF? How in the hell can that even make sense? Is that democracy you hypocrites.
Another one of the “ giving, generous “ folks making a blatant money grab because these are the people Johnson wants running the government from top to bottom.